Cars.com Inc. (NYSE:CARS) entered into a Share Purchase Agreement to acquire all of the of all the issued and outstanding shares in the capital of D2C Media Inc. on November 1, 2023. Cars.com Inc. (NYSE:CARS) acquired D2C Media Inc. for approximately $100 million on November 1, 2023. The Company paid CAD $105 million in cash (USD $76 million) in cash at closing, which was funded by a combination of cash on hand and borrowings under the Company's existing revolving credit facility. There is also the potential for additional performance-based consideration of up to CAD $35 million (approximately USD $25 million as of the closing date) based on achievement of certain financial thresholds.

As a result of the acquisition, Cars Commerce will materially expand from its existing base of approximately 250 Dealer Inspire Canadian website customers. In addition, with this acquisition Cars Commerce will now be endorsed by approximately 60% of OEMs operating in Canada, with significant runway for additional growth. The combination of D2C's local experience and knowledge with the Cars Commerce product portfolio will enable increased distribution for the Dealer Inspire and Accu-Trade brands in Canada; and deeper relationships with OEMs, many of whom seek complete coverage of North America. Andrew Alleyne, Jack Yu, Armand Benitah, Mitchell Thaw, Guillaume Saliah of Fasken Martineau DuMoulin LLP acted as legal advisor to Cars.com Inc.

Cars.com Inc. (NYSE:CARS) completed the acquisition of D2C Media Inc. for approximately $110 million on November 1, 2023.